Monday, February 6, 2023

MicroStrategy CEO maintains Bitcoin is ‘best hedge against inflation’

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Bitcoin price touched lows of $26,597 on Thursday, its lowest level since January last year, losing more than 8% as cryptocurrencies continue to sell-off.

According to data from CoinGecko, the cryptocurrency has since moved above $28k and currently hovers near $28,600. The BTC/USD pair is down about 4% on the day and 28% from its seven-day highs around $39k.Year-to-date, BTC is down 39%.

Saylor on BTC vs. other assets since August 2020

Despite Bitcoin’s price plummeting since its all-time high last November, MicroStrategy CEO Michael Saylor says the benchmark cryptocurrency remains the “best hedge against inflation.”

Bitcoin is the best hedge against inflation. Since $MSTR announced its first BTC purchase August 11, 2020, bitcoin has appreciated 149%, outperforming Silver (-17%), Gold (-9%) Nasdaq (5%), S&P (18%), CPI (11.2%), M2 (19%), US Homes (28%), & PPI (33%),” Saylor tweeted on Thursday.

US inflation data for April showed that the consumer price index (CPI) rose 8.3%, slightly lower than the year-over-year pace seen in March. However, it was still trending at near 40-year highs.

The US Federal Reserve has responded to the rising inflation with two rate hikes of 0.25% and 0.5%, and could yet go for a 0.75% hike in June. Downside pressure on the stock market could yet see crypto follow suit as short-term correlation rises.

Yet, MicroStrategy continues to hold onto its BTC purchases, with multiple dip-buys having brought its total haul to 129,218 BTC. Saylor has previously said the company has no plans to sell.

MicroStrategy purchased its Bitcoin at an average price of $30,700.


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